Former Fortis promoters Malvinder and Shivinder Singh, along with three other accused, were sent to four days of police custody with the Economic Offences Wing (EOW) by the Saket District Court on Friday.

The EOW is probing the siphoning off of ₹2,793 crore by the accused, according to an FIR filed by Religare Finvest. The EOW had moved the court for six days of police custody after arresting the accused on Thursday late evening.

Also read:Former Fortis promoter Shivinder Singh arrested in fraud case

While elder brother Malvinder Singh opposed the remand in court, younger brother Shivinder, who was representing himself, displayed no opposition. When a new management took over Religare Finvest, they alleged that between 2008 and 2017, monies were being diverted by the promoters and the senior management of the company to shell entities linked to the promoters. “The Reserve Bank of India has red-flagged their loan book since 2012,” the prosecution said. “Up to ₹1,026 crore were diverted from Religare Finvest to RHC Holdings and from there on to 27 to 30 web companies.”

The defence lawyer for Malvinder Singh argued that since December last year, Malvinder had appeared thrice for questioning in the EOW.

Read also:Former Fortis promoter Malvinder Singh arrested

He also alleged that Radha Swami Beas Satsang (RSSB) was holding the money and the EOW should also go after the head of the spiritual society, Gurinder Dhillon and others, whom the Delhi high court had ordered to pay ₹3,000 crore within 30 days, in an order dated September 27.

Accused Kavi Arora was the MD and CEO of Religare Finvest between 2012 and 2017 and the prosecution argued that he was in-charge of clearing all loans documentation.

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